Jay-Z’s investment fund has joined hands with South Korea’s Hanwha Asset Management Co. to raise a private equity fund (PEF) that invests in Korean entertainment, beauty and lifestyle, the Seoul-based investment firm said this week.
MarcyPen Capital Partners LLC, which is backed by Jay-Z, signed a memorandum of understanding with the South Korean asset manager to launch the fund at a global finance event held in Abu Dhabi on Monday (local time), Hanwha said.
The two companies are targeting to create a fund of around US$500 million and support Korean companies in the culture and lifestyle sector to “scale up” globally, Hanwha added.
South Korean pop culture has exploded in popularity recently amid the rise of K-pop stars, such as BLACKPINK and BTS, as well as Korean content, like “Squid Game” and “KPop Demon Hunters.”
Food, cosmetics and fashion have become the country’s major export products amid the Korean Wave, prompting global private equity funds to invest in such sectors.
Hanwha Asset Management Co. is part of Hanwha Group, which also owns South Korea’s defense giant Hanwha Aerospace Co. The firm’s total assets under management stood at 103.3 trillion won ($70.3 billion) as of January 2025.
